Two Chinese shipbuilders have expressed their interest in buying the Hanjin Heavy Industries and Construction Phillipines shipyard, prompting concern from policy and defense analysts. HHIC Phil owes $900 million to South Korean lenders and $400 million to five Philippine banks, making it the largest corporate bankruptcy in the Philippines’ history.
Hanjin Heavy Industries & Construction (HHIC) announced on December 8, to the Korean Exchange that its affiliate yard in the Philippines has filed for a rehabilitation procedure. Its actual output dropped from 1,161,618 GT in 2016 to 418,444 GT during the Q3 of 2018 and the rate of operation also plunged from 77.4 percent to 27.9 percent over the same period.
South Korean shipyards, for the first time after seven years, have surpassed China and take the lead on shipbuilding orders, according to new data from Clarkson Research. The data reveals that S. Korean yards received new orders that reached approximately the 12.63 million compensated gross tons in 2018, 44.2% of the 28.6 million CGTs that were reached globally.
Admiralty Shipyards have officially began the construction of the high-Arctic research platform North Pole. The shipyard had signed a contract with Federal Service of Russia on Hydrometeorology and Monitoring of the Environment for constructing the ice resistant self-propelled platform back in April 2018.
The 2018 has been a better-than-expected year for South Korean shipbuilders, with an increase in new orders and especially in LNG ships. The combined new orders won by the shipyards in 2018 are almost up 20% compared with last year.
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has signed a deal for the construction of an additional LNG carrier, reaching this year’s orders for the company to 18.
Sister-vessels, Oceanic Sirius and Oceanic Vega have completed a round-the-clock, 10-day maintenance programme at Damen Shiprepair Amsterdam (DSAm). For eight of those days the two 106-metre vessels were in the yard’s 250-metre drydock no.4 in a tandem arrangement, to maximise the efficient use of resources.
Hyundai Heavy Industries (HHI) has exceeded its orderbook goal for this year before the year ended. Also, Daewoo Shipbuilding and Marine Engineering (DSME) surpassed its expectations.
During previous sessions, the Goal-based ship construction standards for bulkers and oil tankers (GBS) were adopted, as well the initial verification of 12 Recognized Organizations. Now, MSC 100 confirmed that the information submitted regarding the maintenance of verification by those ROs aer complying with the Standards.
Vietnam’s Investigation Police Agency has arrested two executives from the almost-bankrupt state-owned shipbuilding company ‘Vinashin’ over charges of embezzlement. Truong Van Tuyen and Pham Thanh Son encounter legal proceedings for ‘abusing position’ to transfer funds for individual use.
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